IFS Zooms In: The Economy
ELECTION SPECIAL: The UK economy since 2008
Jun 3, 2024
Explore the UK economy's tumultuous journey since 2008, marked by low growth and rising challenges. Discover how external factors like Brexit and the pandemic have shaped economic performance. Delve into the complexities of tax commitments amidst political pressures, and examine the troubling rise in youth disengagement from education and employment. Uncover the trends in corporate tax revenue and the stagnation of median incomes, all while addressing the balance needed in NHS management post-pandemic.
44:05
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Quick takeaways
- The UK economy has struggled since 2008 due to stagnation, low productivity levels, and the long-term effects of Brexit on investment.
- Government proposals to reform education and expand apprenticeships reflect an attempt to address skills training deficiencies within the workforce.
Deep dives
Analysis of Economic Growth Since 2010
The podcast examines the UK’s economic performance since 2010, identifying a pattern of stagnation that has characterized this period. GDP per head has shown minimal growth, remaining unchanged since the last election in 2019, and lagging behind other leading economies such as the US and Germany. Contributing factors include external shocks like the financial crisis of 2008, the pandemic, and geopolitical tensions, all of which negatively affected growth. Despite strong employment rates, the productivity level remains low, which shows that more jobs have not translated into increased economic output per worker.
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